Top 4 Altcoins to Watch in August 2023

The beginning of summer has brought positive developments for select cryptocurrencies, like XRP's successful case against the SEC. In this article, we present four intriguing altcoins to monitor throughout August, focusing on significant events within these projects. Instead of relying on technical analysis, we'll delve into on-chain analysis and blockchain updates.

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Litecoin (LTC) Embarks on Its Halving Event

Litecoin, an established 12-year-old blockchain, is gearing up for its halving event scheduled for August 07, 2023. During this event, mining rewards will be halved, a move that is likely to render Litecoin deflationary over time.

This marks the third halving event for Litecoin (LTC). In its earlier days, miners were rewarded with 50 LTC for each successfully mined block. Today, the reward has diminished to 6.25 LTC per block, fostering scarcity in the token's supply.

Over the past year, Litecoin's price has exhibited intriguing behavior, experiencing a partial recovery towards the $100 mark. With whales and miners accumulating Litecoin in anticipation of the halving, an opportune moment for re-entry into the market may be on the horizon. Thus, Litecoin is positioned as one of the prominent altcoins to observe in August 2023.

Horizen (ZEN) Readies to Launch Its Testnet

The Horizen project is set to introduce version 4.1, which aims to eliminate private pools from its main blockchain. The deployment of the testnet is slated for August 2023, with the mainnet release anticipated in September 2023.

Having surmounted the resistance level at $9.5, $ZEN's value is expected to retreat to approximately $7 over the course of this month. This potential dip could present a favorable entry point for those considering an investment in Horizen. With the forthcoming update, $ZEN holds the potential to ascend towards $15.

Ultra (UOS) Unveils the Arena

Ultra Arena, the highly awaited gaming platform, is scheduled for release on August 8, 2023. This platform will enable players to engage in eSport tournaments and compete against friends for enticing prizes. The imminent launch of Ultra's flagship product has ignited substantial anticipation.

The unveiling of Ultra Arena and the quality of its release could potentially exert a positive impact on Ultra's share price. However, any issues with functionality or the discovery of flaws may lead to significant adverse effects on the token's market value.

Icon (ICX) Launches Its Testnet as Well

Following in Horizen's footsteps, Icon is also rolling out its testnet to explore decentralized applications. Developers have the opportunity to earn up to 845,000 ICX tokens by proposing the most widely adopted dApps.

The value of ICX remains ensnared around its horizontal resistance at $0.25. A potential decrease might propel the token towards $0.18, presenting an appealing entry point for potential investors in the project.

In the event of a successful testnet and subsequent migration of dApps to Icon's mainnet, the potential exists for the token to surge towards $0.55.

Conclusion

As August unfolds, these four altcoins offer intriguing developments and events that could significantly impact their market performance. While the potential for gains is evident, it's crucial to stay informed and consider the inherent risks tied to cryptocurrency investments. Stay updated through reliable sources and adopt a prudent investment strategy.

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Author: Clément “melC”

I am a writer at Crypto-Neet.fr, a platform dedicated to demystifying the complex universe of cryptocurrencies and blockchain since 2017. With a diverse and passionate team of experts, I contribute to decoding the world of trading, NFTs, DeFi, and crypto investments for our readers. I strive to simplify technical concepts to help everyone make informed and responsible decisions in this ever-evolving field.